International Airlines Group (IAG) has signed a letter of intent with Boeing to buy 200 of its 737 MAX jets.

The deal, sealed at Paris Air Show, would be valued at more than $24 billion, per list prices.

IAG is the parent company of Aer Lingus, British Airways, Iberia, Vueling and LEVEL that fly more than 113 million passengers a year combined.

Boeing 737 MAX jets have been grounded globally since March following two fatal crashes that have been linked to a separate concern about Maneuvering Characteristics Augmentation System (MCAS) software on the plane.

Willie Walsh, IAG chief executive, said: "We have every confidence in Boeing and expect that the aircraft will make a successful return to service in the coming months having received approval from the regulators."

"We're very pleased to sign this letter of intent with Boeing and are certain that these aircraft will be a great addition to IAG's short-haul fleet," he added.

"We are truly honoured and humbled by the leadership at International Airlines Group for placing their trust and confidence in the 737 MAX and, ultimately, in the people of Boeing and our deep commitment to quality and safety above all else," said Boeing Commercial Airplanes President & CEO Kevin McAllister. "We are delighted that the IAG team recognised the superior qualities of the 737 MAX and has indicated an intention to return to the Boeing 737 family. We look forward to building on our long-standing partnership with IAG for many years to come."